The company’s NOI in the third quarter of 2021 grew by about 17%

by time news

The value of the Company’s assets (investment real estate, fixed assets and the Company’s share in an affiliated company) as of September 30, 2021 is approximately NIS 815 million, an increase of approximately NIS 140 million compared to the corresponding quarter last year.

The company’s equity as of September 30, 2021 is approximately NIS 370 million, an increase of approximately 6% compared to the equity as of December 31, 2020.

The company’s NOI in the third quarter of 2021 grew by approximately 17% and amounted to approximately NIS 12.7 million, compared with approximately NIS 10.8 million in the corresponding quarter last year.

FFO grew by about 18% compared to the corresponding quarter and amounted to about NIS 6.1 million.

The company’s LTV as of the end of the quarter was about 41.9%.

Net debt to CAP at the end of the quarter was 48%.

Since the beginning of the year, the company has invested approximately NIS 19 million in construction, improvement and expansion of its properties, in accordance with the improvement in rents, which began to be reflected in the company’s results.

The balance of cash, the value of cash and limited deposits drawn on September 30, 2021, amounted to approximately NIS 55 million.

Kidan Dahari, owner and CEO of Tanofort: “We are presenting good quarterly results with continued growth and growth in revenue, NOI, FFO, asset value and equity. These results have been achieved thanks to continued hard work and entrepreneurship in the company’s core business. Expansion and improvement of the properties. Since the beginning of the year, we have invested approximately NIS 19 million of the company’s capital, among other things, in a logistics property that was built and renovated from the ground up, including infrastructure and expanded to 12,000 square meters for marketing. D. 3 times higher than before the investments and yields an annual salary of about NIS 4 million. Vitkin logistics complex in Sharon, this property was fully leased after construction and adjustments were made to the tenants, 15,000 sq.m. was fully marketed. Another property that was renovated and improved is a mall to date. About 5,500 sq.m. In the past.

We are working to improve the property portfolio both in the short and long term, in accordance with which Tanofort purchased from the controlling owners a building that is fully leased on Carlebach Street in Tel Aviv for NIS 25.5 million.

The purchased building is the company’s third property on Carlebach Street and is adjacent to other properties it owns. The “Carlebach” complex has great potential for improvement and is in line with the company’s development strategy, in light of its strategic location in the center of Tel Aviv, which is located next to the light rail station that is expected to open in the coming years. The company is promoting a master plan, in collaboration with the Tel Aviv Municipality, for the construction of an office building that combines employment, residence and commerce, and we see a great business advantage in improving the properties as one piece.

The positive trends that have characterized the last few quarters continue and we stand and even exceed all the goals we have set for ourselves.

Tanofort’s asset portfolio has great potential for improvement. The many and varied actions we take on a regular basis reflect this significant advantage. ”

The yielding real estate company Tanofort, owned by Yadan Dahari and Yaron Adiv, has published its financial statements for the second quarter of 2021.

Data Summary:

Revenue from renting buildings in the quarter amounted to NIS 11.1 million, compared with NIS 10.1 million in the corresponding quarter, reflecting 10% growth. .

Revenues from storage and refrigeration services in the quarter amounted to NIS 3.1 million, compared with NIS 3.2 million in the corresponding quarter last year, a decrease of 4%.

Gross profit for the quarter amounted to NIS 9.7 million, compared with NIS 9.0 million in the corresponding quarter last year, an increase of 8%.

Profit from ordinary operations more than doubled and amounted to NIS 13.1 million in the quarter, compared with NIS 6.4 million in the corresponding quarter last year. Most of the change is due to the registration of an increase in the fair value of assets in the amount of NIS 4.9 million, compared with NIS 0.3 million in the corresponding quarter last year. In addition, the Company’s share in the profits of a joint transaction treated according to the equity method (the asset in the plant) amounted to approximately NIS 2 million, compared with approximately 0.2 in the corresponding quarter last year.

FFO in the quarter amounted to NIS 6.1 million, compared with NIS 5.2 million in the corresponding quarter last year, an increase of 18%.

The net profit for the quarter amounted to NIS 6.2 million, compared with NIS 2.6 million. The significant change is due to growth in the company’s operations and an increase in the fair value of its assets.

Effects of the Corona Crisis – As of September 30, 2021, the scope of the reliefs, reductions and deferrals granted to tenants in respect of rent and management payments is approximately NIS 2 million, and the Company estimates for the period up to the end of December 2021 the scope of such reliefs, reductions and deferrals. Between NIS 500 and NIS 1 million.

The main points of the balance sheet as of 30.9.2021

The company’s leverage level (net debt to CAP) was 48%.

The company’s LTV as of the end of the quarter was about 41.9%.

The company’s shareholders’ equity amounted to approximately NIS 370 million (reflecting equity to a balance sheet of 41.6%), compared with approximately NIS 349.3 million (reflecting equity to a balance sheet of 43.8%) at the end of 2020.

The balance of cash, cash value and limited deposits in withdrawals amounted to approximately NIS 55 million.

.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.